AUSTRAC Suspends Australia's Largest Crypto ATM Operator
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- AUSTRAC suspended Cryptolink Pty Ltd's Virtual Asset Service Provider registration for three months effective August 9, shutting its 96 crypto ATMs after the operator failed to meet basic reporting obligations, particularly threshold transaction reports, and ignored information requests.
- Cryptolink had already paid a $56,340 fine in October 2025 under an enforceable undertaking tied to late reporting and weak risk assessments, but AUSTRAC CEO Brendan Thomas said the regulator 'deemed it too high risk to continue operating at present' and moved to suspend the company months later anyway.
- Australia now hosts roughly 1,800 crypto ATMs — the highest count in the Asia Pacific region — up from just 23 machines in 2019, with the Australian Federal Police estimating about $275 million moves through them annually.
- Home Affairs Minister Tony Burke has proposed legislation giving AUSTRAC power to control or prohibit high-risk products including crypto ATMs, following industry admissions the sector became 'a safe haven for bad actors.'
- AUSTRAC's Crypto Taskforce has been engaging operators since late 2024, and the suspension runs until November 9, 2026, signaling what Thomas called 'continued close watch' on the sector.
Why it matters: The shutdown of Australia's single largest crypto ATM operator removes 96 of the country's 1,800 machines, which funnel an estimated $275 million in annual volume tied to scams and laundering — and it lands as the Home Affairs Minister pushes legislation to let AUSTRAC ban high-risk crypto products outright.
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